Deposits Advances 40000 25000 33737.42 21536.07 35000 31495.84 20366.11 20000 17798.12 30000 27170.84 23939.51 15023.42 15470.05 25000 21144.33 e) 15000 20000 in Crore) in Cror ` ` 10000 ( 15000 ( 10000 5000 5000 0 0 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 Total Business Working Funds 60000 55273.49 45000 51861.95 38442.22 40000 35941.5 50000 44968.96 35000 31371.1 39409.56 36167.75 28132.79 40000 30000 24511.12 25000 30000 20000 in Crore) in Crore) ` ` ( ( 20000 15000 10000 10000 5000 0 0 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 Own Funds CRAR 16 3000 2684.93 14.00 2371.16 14 12.57 2500 2246.87 12.11 12.15 2141.81 11.15 1961.31 12 2000 10 ) 1500 8 (in% in Crore) ` ( 6 1000 4 500 2 0 0 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 Net Profit Business per Employee 250 234.05 16 211.19 13.41 190.18 14 12.39 200 12 10.60 147.09 9.26 9.06 150 10 112.09 8 Crore) in in Crore) ` ` 100 ( ( 6 4 50 2 0 0 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 Annual Report 2016-17 SARASWAT CO-OPERATIVE BANK LIMITED (SCHEDULED BANK) O REGISTERED OFFICE & : Ekanath Thakur Bhavan, CORPORATE CENTER 953, Appasaheb Marathe Marg, Prabhadevi, Mumbai 400 025. Phone No. : (022) 6600 5555 Website : www.saraswatbank.com O DATE OF ESTABLISHMENT : September 14, 1918. O NO. AND DATE OF RBI LICENCE : ACD-MH-220-P dated 27-08-1980. O AREA OF OPERATION : ALL INDIA O AUDIT CLASSIFICATION : ‘A’ (Since 1933, i.e. the year in which we were registered as a Bank) ANNUAL REPORT 2016-17 CONTENTS: Page No 1. Notice of Annual General Meeting .........................................................................................................................2 2. Board of Directors, Auditors, Legal Advisors and Bankers ....................................................................................3 3. Performance Highlights .........................................................................................................................................4 4. Report of the Board of Directors ............................................................................................................................5 5. Concise Report of the Board of Directors in Marathi ...........................................................................................25 6. Independent Auditor’s Report ..............................................................................................................................35 7. Balance Sheet as at 31st March, 2017 ................................................................................................................38 3UR¿WDQG/RVV$FFRXQWIRUWKH\HDUHQGHGVW0DUFK ............................................................................40 9. Schedules forming part of Accounts for the year ended 31st March, 2017 .........................................................42 10. Notes to Accounts for the year ended 31st March, 2017 .....................................................................................47 11. Cash Flow Statement ..........................................................................................................................................59 12. Progress at a Glance ...........................................................................................................................................60 13. Involvement of the Small Man .............................................................................................................................62 14. State-wise/Region-wise Branch Network ............................................................................................................63 15. Attendance Slip ...................................................................................................................................................69 1 Annual Report 2016-17 NOTICE OF ANNUAL GENERAL MEETING The Ninety-Ninth Annual General Meeting of the Members of 7R DSSRLQW 6WDWXWRU\ $XGLWRUV IRU WKH ¿QDQFLDO \HDU Saraswat Co-operative Bank Ltd. will be held on Friday, 18th DQG WR DXWKRUL]H WKH %RDUG RI 'LUHFWRUV WR ¿[ August, 2017 at 4.00 p.m. at Ravindra Natya Mandir, Near their remuneration. The Board of Directors recommends Siddhivinayak Temple, Sayani Road, Prabhadevi, Mumbai – M/s. Kulkarni & Khanolkar, Chartered Accountants, 13-14, Bell Building, Sir P. M. Road, Fort, Mumbai – 400 001, for 400 025 to transact the following business concerning the Bank:- appointment as Statutory Auditors. 1. To consider and approve the Annual Accounts, which 4. To grant Leave of Absence to the members of the Bank consist of the Report of the Board of Directors, the Report other than to those whose names appear in the Attendance RIWKH6WDWXWRU\$XGLWRUVWKH%DODQFH6KHHWDQGWKH3UR¿W Register of this 99th Annual General Meeting. and Loss Account, for the year ended 31st March, 2017. By Order of the Board of Directors 7RDSSURSULDWHQHWSUR¿WGHFODUH'LYLGHQGDQG$GGLWLRQDO Sd/- Special Centenary Dividend on Equity Shares and Smita Sandhane Dividend on Preference Shares as recommended by the Managing Director Board of Directors for the year ended 31st March, 2017. Mumbai,7th July, 2017 Note: OThe printed Annual Report of the Bank consisting of the Report of the Board of Directors, the Report of the Statutory Auditors, WKH%DODQFH6KHHWDQGWKH3UR¿WDQG/RVV$FFRXQWIRUWKH\HDUHQGHGVW0DUFKLVHQFORVHGZLWKWKLV1RWLFH OIf there is no quorum for the Meeting at the appointed time, in terms of Bye-law No. 48, the Meeting shall stand adjourned to 5.00 p.m. on the same day and the Agenda of the Meeting shall be transacted at the same venue irrespective of the Rule of Quorum. ODividend, when declared, will be paid on or after 15th September, 2017, to those shareholders whose shares are fully paid as on 31st March, 2017 and whose names are on the record of the Bank as on 7th July, 2017. O If any member desires to have information in connection with the Accounts, he/she is requested to address a letter to the 0DQDJLQJ'LUHFWRURIWKH%DQNWRUHDFKKHURI¿FHDW6DUDVZDW&RRSHUDWLYH%DQN/WG(NDQDWK7KDNXU%KDYDQ3ORW1R Appasaheb Marathe Marg, Prabhadevi, Mumbai – 400 025, not later than 14th August, 2017, so that the required information may be made available at the Annual General Meeting. TO SERVE YOU BETTER: 1. Shareholders are hereby requested to kindly verify their names and addresses on the Annual Report sent to them. Change in address, if any, may kindly be intimated by post to the Share Department at Madhushree, 5th Floor, Plot No. 85, District Business Centre, Sector 17, Vashi, Navi Mumbai - 400 703 Phone No. : (022) 2789 2947 or by e-mail to incharge_share@ saraswatbank.com for updating the Bank’s records. 2. Shareholders are requested to avail of nomination facility by submitting prescribed Nomination Form, as required under Section 36 of the Multi-State Co-operative Societies Act, 2002 and Bye-law No. 19. 3. Shareholders having Current / Savings Bank / Cash Credit accounts with the Bank and desirous of crediting their dividends to their accounts are once again requested to record their standing instructions with the Share Department. Unclaimed Dividend Notice is hereby given that dividend for the year ended 31st March, 2014 (93rd Dividend) if not drawn on or before 18th September, 2017, will be forfeited by the Bank and credited to Reserve Fund in terms of Bye-law No. 68A. 2 Annual Report 2016-17 BOARD OF DIRECTORS Shri G.E. Thakur, B.E. (Civil), DFM Chairman Shri S.K. Sakhalkar, M.Com., PGD (IR), PGD (Comp. Sc.) Vice-Chairman DIRECTORS Padmashri M. M. Karnik Shri S.N. Sawaikar, M.Com., D.M.A., C.A.I.I.B. Shri P.N. Joshi, M.A. Shri K.V. Rangnekar, M.A. Shri A.A. Pandit, B.Com., F.C.A., D.B.F. Shri H.M. Rathi, B.Com. Shri S.V. Saudagar, B.Com., F.C.A., D.I.S.A. Dr. (Mrs.) A. P. Samant, M.B.B.S. Shri S.S. Shirodkar, Dip. (Indl. Electronics), P.G.D.M. Shri N.G. Pai, B.E. (Electrical) Shri A.G. Ambeskar, B.A.,C.A.I.I.B. Shri S.M. Lotlikar, B.Sc. (Chemistry) Shri S.S. Bhandare, M.A. (Economics), LL.B., D.B.M. Shri K.D. Umrootkar, B.Com. (Hons.), LL.B., F.I.I.B.F., M.C.I.P.D. (UK). Mrs. Smita Sandhane, B.Com., C.A.I.I.B., F.I.I.B.F. Managing Director (w.e.f. 1st April, 2017) Shri S.K. Banerji, B.Sc. (Hons.), D.B.M., LL.M., F.I.I.B.F. Advisor to the Board (w.e.f. 1st April, 2017) (Managing Director - upto 31st March, 2017) STATUTORY AUDITORS M/s. Kulkarni & Khanolkar, Chartered Accountants LEGAL ADVISORS Shri A. V. Sabnis, LL.B. M/s. Little and Company Shri K. M. Naik, B.A., LL.B. Shri S. N. Inamdar, B.Com., LL.B. Shri Shekhar Naphade, B.A., LL.B. BANKERS State Bank of India Wells Fargo Bank N.A. Bank of India Standard Chartered Bank Ltd. HDFC Bank Ltd. ICICI Bank Ltd. Canara Bank 3 Annual Report 2016-17 PERFORMANCE HIGHLIGHTS (` in crore) Particulars FOR THE YEAR ENDED 31-03-17 31-03-16 % change Total Income 3,498.32 3,254.71 7.48 7RWDO([SHQGLWXUH 2,920.82 2,887.30 1.16 *URVV3UR¿W 577.50 367.41 57.18 Less: Provisions 254.62 105.63 141.05 3UR¿W%HIRUH7D[ 322.88 261.78 23.34 /HVV,QFRPH7D[ 88.83 50.59 75.59 3UR¿WDIWHU7D[FDUULHGWR%DODQFH6KHHW 234.05 211.19 10.82 AT THE YEAR END Own Funds 2,684.93 2,371.16 13.23 Share Capital 215.23 202.76 6.15 Reserves and Surplus 2,469.70 2,168.40 13.90 Deposits 33,737.42 31,495.84 7.12 Current 1,753.57 1,385.69 26.55 Savings 7,695.55 6,025.17 27.72 Term 24,288.30 24,084.98 0.84 Advances 21,536.07 20,366.11 5.74 Secured 21,402.63 20,245.02 5.72 Unsecured 133.44 121.09 10.20 Total Business 55,273.49 51,861.95 6.58 Priority Sector 5,079.22 5,823.40 -12.78 % to Adjusted Net Bank Credit (ANBC) 24.94 32.72 - Small Scale Industries 362.54 453.84 -20.12